I have a letter from my IP and states that I have over £7000 in equity - but if I can get a secured loan or a remortgage then I only Have to Pay around £900 in to my IVA - if I can't get a loan then I have to pay for a further 12 months and at the moment my payments £450 per month (quite a difference) - any ideas where i could get a secure loan - my mortgage lenders can not help.
However, the £900 mentioned by your IP sounds suspect. They would normally be looking at you releasing in the order of £6000 on those figures.
I would start by arranging for your own valuation to see if the IP's valuation can be challenged.
If you can show your interest is less than £5k then the extension/secured loan/remortgage clause etc will not apply and your IVA can finish...
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